Free 760 words essay on make in INDIA for school and college students.
‘Make in India’. Prime Minister Narendra Modi, gave this clarion call to the nation in September 2014, after India started being tagged as the ‘Fragile Five’. Circa 2013. The situation was very critical for India. The emerging markets bubble had burst and India’s growth rate had fallen to its lowest level in a decade. The growing promise of BRICS (Brazil, Russia, India, China and South Africa) had died down and things were looking bleak for India, going forward. Things became so bad that global investors began having second thoughts of continuing to invest in the country, thinking it as a grave risk. India’s population began to question whether India was too big to succeed or too large to fail. India was declared an economic failure.
How it will be done
Make in India was not only a clarion call to India’s numerous stakeholders. It was a wake-up call for India’s citizens and business leaders. It was also an invitation to potential partners and investors around the world to come to the country and do business in it and with it. Make in India was a comprehensive and total overhaul of outdated processes and policies. It was an attempt to change the government mindset. It was a shift to ‘Minimum Government and Maximum Governance’. This movement required a different approach. It was necessary to
- Inspire confidence in India’s capabilities among the potential business partners abroad, Indian business community and citizens staying overseas.
- Provide plenty of technical information on the 25 industry sectors
- Reach out to a vast global and local audience by using the social media and other channels, to continuously keep them updated about opportunities, policies, reforms, etc.
The Department of Industrial Policy and Promotion swung into action by connecting with highly specialized agencies to construct brand new infrastructure, a dedicated help desk, a website for mobile phones, which packed tremendous amount of information into a simple sleek menu. It was ensured that the site was user-friendly and did not overwhelm the user. 25 sector brochures were created which included key facts about the past performance and status of various sectors, including key facts and figures, specific contact details, all of which was made available on demand to those who were interested.
This DIPP effort was built on a strong collaborative effort from political bigwigs. Then a workshop was conducted, which brought together the politicos and the industry leaders. This platform was created to have a discussion on an action plan for the next three years, to raise the contribution of manufacturing to the GDP to 25% by the year 2020. This plan was then presented to the Prime Minister and other central ministers. This collaborative effort was the hallmark of the Make in India campaign. The same collaborative effort was used to include India’s global partners into this initiative. This has manifested itself in India’s discussion with the USA.
Thus, in a short time, all the obsolete and outdated frameworks and processes were discarded and a newly created, more transparent and user-friendly process was used, which would drive investment, encourage innovation, protect IPR, including opening up of Railways, Defense, Insurance and Medical devices to FDI. A workshop was conducted which was titled ‘Make In India-sectorial perspectives and initiatives, on 29th December 2014. During this workshop, a one year and three year plan was prepared to boost investments in the 25 key sectors of the economy. The World Bank was involved in this initiative to improve India’s standing in the ease of doing business list from the current 130 to higher.
In September 2014, an investor facilitation cell was set up for this campaign, which was dedicated to assisting investors in seeking regulatory approvals, handholding through the pre-investment phase, execution and after care support. Indian embassies and consulates have also been given instructions to disseminate whatever information they could on the above initiative to people who were interested in it. A special management team has been set up to make it easier for investors from abroad to come and do business in India. The Japan Plus and the Korea Plus are a result of this initiative. Additionally, six industrial corridors are being developed across the country. Industrial cities are also likely to come up along this corridor.
Today, India’s credibility has improved. In fact, it is stronger than it has ever been. There is visible optimism among the people of the country. It is likely that on the back of the Make in India initiative, India is likely to regain its place as a fast developing economy, or even become the world’s most powerful economy.